REACHING STABILITY.

Auckland Star, Volume LX, Issue 245, 16 October 1929, Page 12

REACHING STABILITY.

SOLDIER SETTLEMENT FINANCE. SIXTEEN MILLIONS INVESTED. LOSS OX VACANT PROPERTIES. (By. Telegraph.—Parliamentary ' Reporter.') •. •. WELLINGTON, this day. : The dis.oha.rged soldier settlement report .for : the .past yean, shows generally satisfactory ; conditions among the 3965 soldiers wiio between them are farming 1,309,182 acres. . There was a further settlement of 3091 acres, during the year;., but,-as the scheme is , how merging into .the ordinary Crown lands system some large areas proclaimed for soldier, settlement have had. the ■reservation revoked. It is stated that an increased number of. soldier settlers have now reached that, desirable point when they may to a more enjoyable prospect and .an .increased measure of merited reward. . Nevertheless, it must be admitted that there is a small proportion of- settlers' who, for various reasons, cannot be classed in this, category, and such cases will require careful nursing for a time. In many eases in the 1 past the' Department- has been obliged to postpone or ' remit- interest charges in order* to assist occupiers to bring their properties up to that stage of development where productive capacity will be sufficient to "support the settlers. Assistance iri this way, combined with a prudent system of advances on mortgage, has in most cases', been effective in achieving successful results.. , ' . . « Record Payments by Soldiers. Further loans totalling £130,546 were granted, £90,000 being on current account to .develop properties. The report states that it is a pleasing feature of the year's working to note that cash receipts for interest payable j on these accounts (£128,239) has exceeded the amount accrued due (£12J,120) in tlie same period by more than £7000, and, though mortgagors still have a considerable amount of leeway, to make up, it is 'apparent that the stabilising work of the Revaluation Board is making itself felt. Cross receipts have/ exceeded the record of last year, the total incomings (not including certain internal transfers) amounting to £1,961,633. Of this total, capital receipts represent £1,205,392, while £757,761 is derived from interest on mortgage : ; investments and other revenue sources., Among the payments the .principal item is £697,722 representing advances-to mortgagors, including ordinary current account drawing, £63.0,250 utilised for repayment of loan capital. Losses, on revp.riue account last year totalled £413,527. It is.,pointed out that.there' is, unfortunately, a considerable amount of capital loeked up in vacant .properties, and ■ losses on the resale of these are anticipated. In fact, the main items composing the losses relate to these properties—capital losses on realisation of securities, £294,485;' expenses incidental to sale, £3082; capital reductions on revaluations, including expenses, £69,666; remissions of lib terest and rents by/revaluation and land boards, £37,787—total, £405,020. Were it not for theabove items the account would be much nearer eelf-supporting. The main obstacle to" i-; jpermanently improved position is depreciation in connection with properties falling on the Department's' hands through default, and abandonment, and inability to realise the-book value for thein. A majority ,of these properties are within the deteriorated Area's. Soldier settlers are.now, paying interest on over 16 miliion-sterling .-capital placed at their disposal for the purchase of farms and: dwellings, advances for stock and improvements.,. -K■ :>■